15225 replies to this topic

[Tom]

Sold.

[leo]

Back to a short position.

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[leo]

And the PWC report, which could make or break this bastard! Also, no specific date given, could be one of those bolt from the blue moments, as always,

Correct.

Just note that I'm using a cfd.

My play will be. Keep out when announced, if one gets a heads up but long for the build up. See what the price does on the day of announcement. If goes up, long but keep moving the stop up and up. Short when it turns. Or, just short if it drops on opening.

Share will be super volatile for the first few hours.

Edited by leo, 20 November 2018 - 09:04 AM.

[Bubble]

Yip.

Only FY17 results now to be released. No specific date yet. But could be soon ish.

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And the PWC report, which could make or break this bastard! Also, no specific date given, could be one of those bolt from the blue moments, as always,

[leo]

Did I read the SENS correctly? Did they really extend the LUA until Feb 2019?

If so, when is the next date that we should be receiving the next SENS/any news?

Yip.

Only FY17 results now to be released. No specific date yet. But could be soon ish.

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[leo]

I'm not going to sell... Gonna sit back and smell Pollys roses.... Something good still going to happen

Hear you. This share is very risky.

Please be carefull when the results come out. You might see a serious pump and dump. Don't be too greedy.

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[Ram85]

Did I read the SENS correctly? Did they really extend the LUA until Feb 2019?

 

If so, when is the next date that we should be receiving the next SENS/any news?

[Lionelza1]

I'm not going to sell... Gonna sit back and smell Pollys roses.... Something good still going to happen

[leo]

So we're going to see further drop until more news comes out

Think a little bounce....then the slow poison

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[Lionelza1]

So we're going to see further drop until more news comes out

[Burnt as well]

“The Company is pleased to report that discussions with the relevant creditors under the LUA in relation to the implementation of the Restructuring continue to progress well and the negotiations of the long form documentation required for the implementation of the Restructuring are well advanced. In order to finalise such documentation, the Company has today requested that creditors under the LUA provide their consent to an extension of the long-stop date (currently 20 October 2018, being three months from the LUA Effective Date) to 20 November 2018. It remains the objective of the Group to complete the Restructuring as soon as possible.”

This was the announcement in October regarding the extension. Not sure if I’m reading correctly but I think the extension was to finalize the long-form documents i.e. CVA and consent solicitation agreements. According to today’s SEN, the documents are finalized and will be announced once published shortly. The next step in the restructuring process is to review these docs and creditors to vote which would require at least 2 months. If I remember correctly, initial target date for completion was end of December 2018 but due to extension of long stop date, the subsequent have to be revised as well. I’m not a lawyer so not 100% sure but my take after going back to the old announcements. Anyone else has thoughts on this?

[leo]

  

yea man this blows....see how late they issue extension...second time now

Wtf don't they say it when their 1st sense came out...or did something dramatic change in those few hours.

Anyway. Hope the share just keeps steady at opening, can take some money off the table.

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[Lionelza1]

 

Hate this share and this company

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yea man this blows....see how late they issue extension...second time now

[Tom]

Steinhoff – Update on Restructuring

Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

 

The Company refers to its announcement earlier today (the “19 November

Announcement”) in respect of the launch of the CVA and Consent Solicitations (each as

defined in the 19 November Announcement).

 

Further to the 19 October Announcement the Company is pleased to provide an update

on the following:

 

• the launch of the CVA in relation to Steinhoff Europe AG (“SEAG”);

 

• the launch of the Consent Solicitations in respect of Steinhoff Finance Holding GmbH

(“SFHG”) issued convertible bonds;

 

• the SUSHI Scheme; and

 

• an extension to the LUA under its terms.

 

The CVA and Consent Solicitations processes relate to the restructuring of debt at SEAG

and SFHG and are not expected to have any impact on any of the Group’s operating

businesses, their landlords or trade creditors.

 

Launch of CVA in relation to SEAG

 

In relation to the lock-up agreement entered into by the Company on 11 July 2018 (the

“LUA”), SEAG has today made a proposal for a CVA under Part 1 of the Insolvency Act 1986

(the “CVA Proposal”) to Alan Bloom, Alan Hudson and Simon Edel of Ernst & Young, acting

as nominees for the CVA Proposal (the “Nominees”). The Nominees will now proceed to

review and consider the CVA Proposal and are expected (if they see fit) to issue a report

to the High Court of England and Wales. Under the relevant UK statutory provisions, the

Nominees have up to 28 days to consider the CVA Proposal. A further announcement will

be made once the Nominees issue their report including an update on the timetable for

the CVA Proposal.

Upon the issuance of the Nominees’ report to the High Court, the CVA Proposal will be

published to all creditors of SEAG, whereupon the creditors will have a period to review the

CVA Proposal before voting on it. The CVA Proposal includes the following key aspects:

 

• the corporate holding structure of SEAG will be restructured with the incorporation of

new Luxembourg, Jersey and UK incorporated companies as direct and indirect

holding companies and subsidiaries of SEAG;

• at closing there will be a hive-down of almost all of the assets and liabilities from SEAG

to certain of these newly incorporated Jersey and UK companies;

• SEAG’s existing financial indebtedness will be refinanced by way of a new debt

instrument issued by a newly incorporated Luxembourg company which shall sit as an

indirect subsidiary of SEAG (the “New SEAG Luxco Debt”);

• SEAG’s existing financial creditors will be able to participate in the New SEAG Luxco

Debt, such participations to have the benefit of a security package to be granted by

the new SEAG corporate group;

• to the extent that SEAG’s existing financial creditors currently benefit from a guarantee

from the Company in respect of their holding of existing SEAG debt, such financial

creditors will also receive the benefit of a new deferred contingent payment instrument

to be provided by the Company in respect of the New SEAG Luxco Debt; and

• to facilitate completion of the financial restructuring, an interim moratorium will, subject

to approval by SEAG’s creditors of the CVA Proposal, come into force from the date of

such approval and will have the effect that SEAG’s creditors will be prohibited from

taking certain enforcement action against SEAG from such date until the

implementation of the financial restructuring or the termination of the CVA.

 

Further information will be contained in the CVA Proposal which when published, will

include an anticipated timetable and will also contain instructions for SEAG creditors on the

actions which they will need to take. A further announcement will be provided upon

publication of the CVA Proposal.

 

Launch of Consent Solicitations in respect of SFHG issued convertible bonds

 

The Company has today launched Consent Solicitations in respect of the three series of

outstanding SFHG issued convertible bonds due 2021, 2022 and 2023. Bondholder meetings

for each series of bonds will, pursuant to the terms of the Consent Solicitations, be convened

for holders to consider the extraordinary resolutions proposed by the Company. The date

for those meetings has not yet been fixed. Each such extraordinary resolution includes the

following key proposals:

 

• the restructuring of the convertible bonds as new indebtedness in the form of

guaranteed secured loans with a three-year maturity and PIK interest terms. It is

proposed that the loans so extended by holders of the convertible bonds due 2021 and

2022 would be restructured into a single loan facility and that the loans so extended by

the holders of the convertible bonds due 2023 would be restructured into a separate

loan facility, each with a new Luxembourg incorporated entity as the borrower. The

2021/2022 and the 2023 loan facilities will rank pari passu at borrower level;

• These loan facilities will benefit from deferred contingent payment instruments from in

the case of the 2021/2022 loan facility, the Company and Steinhoff International

Holdings Pty Ltd and in the case of the 2023 loan facility, the Company, reflecting the

guarantor structure in relation to each existing series of convertible bonds;

• the new restructured indebtedness will take the form of private loan facilities and the

convertible feature of the existing convertible bonds will be removed; and

• to facilitate completion of the financial restructuring, an interim moratorium will, subject

to approval of SFHG’s creditors of the Consent Solicitations, come into force from the

date of such approval and will have the effect that SFHG’s creditors will be prohibited

from taking certain enforcement action against SFHG or the Company from such date

until the implementation of the financial restructuring or the termination of the Consent

Solicitations.

 

It is expected that detailed supporting documents for the Consent Solicitations will be

provided to bondholders in due course to assist bondholders in considering the

extraordinary resolutions. A further announcement will be provided once such long form

documents have been circulated.

 

A requirement in respect of each of the CVA and Consent Solicitations processes is that

completion of both exercises will be inter-conditional with each other.

 

Update on SUSHI Scheme

 

The Company refers to its announcement of 13 November (the “13 November

Announcement”) in respect of the SUSHI Scheme (as defined in the 13 November

Announcement) having been sanctioned by the High Court of Justice in England and

Wales. The Scheme Sanction Order was recognised in proceedings under chapter 15 of

title 11 of the United States Code by the United States Bankruptcy Court for the District of

Delaware on 13 November 2018. The Scheme Sanction Order (as defined in the 13

November Announcement) was lodged with the Registrar of Companies (within the

meaning of the Companies Act 2006, as amended) on 16 November 2018, and the SUSHI

Scheme was implemented in accordance with its terms.

 

Extension of LUA

 

The SUSHI Scheme having become effective and the CVA Proposal and Consent

Solicitations processes having been initiated, the LUA is extended to 20 February 2019.

 

The Group restructuring otherwise continues in accordance with the terms of the LUA and

the Company will continue to provide updates as appropriate.

 

Shareholders and other investors in the Company are advised to exercise caution when

dealing in the securities of the Group.

 

JSE Sponsor: PSG Capital

Stellenbosch, 19 November 2018

 

Date: 19/11/2018 05:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 

The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of

the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 

indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,

information disseminated through SENS.

Edited by Tom, 19 November 2018 - 08:02 PM.

[leo]

Hate this share and this company

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[Tom]

https://www.iol.co.z...-styan-18182398

 

The decision taken by Steinhoff’s Danie van der Merwe’s to step down as the company’s acting chief executive was long overdue, said James-Brent Styan, author of the bestselling book Steinhoff: Inside SA’s Biggest Corporate Crash

In a statement published on the Stock Exchange News Service (Sens) Steinhoff said the company’s efforts since December 2017 had been largely focused on stabilising the group while engaging in an extremely complex and extensive restructuring process. 

Styan, former business reporter and qualified accountant, said: “It will help Steinhoff to try and recover investor confidence."

Edited by Tom, 19 November 2018 - 06:58 PM.

[leo]

No instant reaction from the markets as yet... Think every1 is waiting for every1 to make their move

Also seeing this.

Tomorrow game plan. Maybe take a 1 to 2% on my open long positions, but not going to be greedy, then going short.

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[Lionelza1]

No instant reaction from the markets as yet... Think every1 is waiting for every1 to make their move

[leo]

Going to hurt tomorrow

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[Lionelza1]

DayTraderDad..... Have some of your green stuff and plse may u explain that sens to me in English Coz I'm totally lost now